Craneware boss Keith Neilson enjoyed a 12 per cent bump in pay last year following the biggest acquisition in the company’s 23-year history.

Mr Neilson, who set up the business in 1999 with co-founder Gordon Craig, collected £345,723 during the year to June 30, up from £309,751 in the previous 12 months. According to the company’s annual report, this included a basic salary of £324,900 and more than £20,100 in pension contributions.

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The Edinburgh-based company sells medical billing software to healthcare providers in the United States. Revenues last year rose by 40% to $75.6 million (£54.8m), but profits fell by nearly a third after absorbing exceptional costs from the £283m acquisition of Sentry Data Systems.

Mr Neilson has described Florida-based Sentry as a “transformative” deal for the company that immediately increased Craneware’s foothold in the US pharmaceutical sector. The integration of the businesses is said to be progressing ahead of schedule.

Almost half of all US hospitals use at least one Craneware or Sentry product. "Visible sales” for the next three years stands at $471m, up from $200m prior to the acquisition.